Standard&Poor's Ratings Services assigned its 'AAA/A-1', 'AAA', and 'AAA' ratings to Deutsche Bank Securities Inc.'s series DBE-1286 short puttable exempt adjustable receipts (SPEARs), long inverse floating exempt receipts (LIFERs), and custodial receipts, respectively, relating to West Contra Costa Unified School District, Calif.'s general obligation bonds (tax-exempt, election of 2005) series D-2 capital appreciation bonds. Zero coupon/discount bonds can be deposited into this trust. Bond issuance occurs on a schedule in conjunction with each interest payment date. The transaction documents provide that the liquidity facility will be increased as needed to cover the potential increase in the floater certificate's aggregate outstanding value. The long-term component of the ratings on the SPEARs and LIFERs is based on the rating on
